by Jim Wyckoff, Senior Analyst TraderPlanet.com
JUNE GOLD
June gold futures closed down $13.80 at $851.30 yesterday. Prices closed nearer the session low yesterday, scored a bearish “outside day” down on the daily bar chart and hit a fresh four-month low yesterday. A very strong U.S. dollar yesterday hit the gold market hard. Gold will continue to closely track the greenback in an inverse fashion. Chart damage has been inflicted in gold recently, including more yesterday, as a six-week-old downtrend is still in place on the daily bar chart. Gold bulls’ next upside price objective is to produce a close above solid technical resistance at $900.00. Bears’ next downside price objective is closing prices below solid technical support at $820.00. First resistance is seen at $860.00 and then at $870.00. Support is seen at yesterday’s low of $848.50 and then at $840.00.
Wyckoff’s Market Rating: 4.0
JULY SILVER
July silver futures closed down 36.3 cents at $16.23 an ounce yesterday. Prices closed nearer the session low, scored a bearish “outside day” down on the daily bar chart and hit a fresh 3.5-month low yesterday. Bears gained more downside power yesterday amid decidedly bearish “outside markets”–lower gold and crude oil prices and a stronger U.S. dollar. Prices are also still in a steep two-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is closing prices above solid technical resistance at this week’s high of $17.245 an ounce. The next downside price objective for the bears is closing prices below solid technical support at $16.00. First resistance is seen at $16.50 and then at $16.75. Next support is seen at yesterday’s low of $16.055 and then at $16.00.
Wyckoff’s Market Rating: 4.0
JULY NY COPPER
July N.Y. copper closed down 1,905 points at 371.40 cents yesterday. Prices closed nearer the session low yesterday and hit a fresh six-week low amid decidedly bearish “outside markets”–lower gold and crude oil prices and a stronger U.S. dollar. Price action yesterday also produced a bearish downside “breakout” from the sideways trading range at higher price levels. Copper bulls’ next upside objective is closing prices above solid technical resistance at 390.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 345.85 cents. First resistance is seen at 375.00 cents and then at 380.00 cents. First support is seen at yesterday’s low of 366.75 cents and then at 365.00 cents.
Wyckoff’s Market Rating: 6.5
